** Shares of bill payment technology provider Paymentus Holdings PAY.N fall 3.9% to $23.89 premarket
** Raymond James downgrades PAY to "market perform" from "outperform" following the stock's significant outperformance
** Brokerage says with the stock trading well above peers, the risk and reward has become much more balanced, and as a result, it is moving to the sidelines
** There is likely a meaningful upside to the Street estimates given the initial FY 2024 outlook does include any contribution from wins - brokerage
** Brokerage still views PAY as a potential buyout candidate given 70% private equity ownership but believes the likelihood has diminished given the stock's monster run
** All eight brokerages rate the stock "hold"; median PT is $18.75 - LSEG data
** As of last close, stock up 39.2% YTD
(Reporting by Arasu Kannagi Basil in Bengaluru)